Aberdeen, the investment firm, reported a 21% increase in pre-tax profit for 2024, reaching £307 million, as its subsidiary Interactive Investor attracted record net inflows. The company's assets under management and administration rose to £507 billion, up from £495 billion the previous year.
Interactive Investor Drives Growth
Interactive Investor, the UK's second-largest investment platform, saw net inflows of £6.2 billion in 2024, a record high. This contributed significantly to Aberdeen's overall performance, with fee income from the platform increasing by 15%. According to Aberdeen CEO Stephen Bird, "Interactive Investor continues to deliver exceptional growth, attracting new clients and deepening relationships with existing ones."
Cost Savings and Efficiency
Aberdeen also benefited from cost-saving measures, reducing operating expenses by 3% to £1.2 billion. The company achieved £150 million in annualized savings, ahead of its target. Bird noted, "Our focus on efficiency has helped us deliver improved profitability while investing in growth areas."
Outlook and Dividend
The firm proposed a final dividend of 14.5 pence per share, bringing the full-year dividend to 22 pence, up 5% from 2023. Looking ahead, Aberdeen expects continued momentum in its platforms business and further cost reductions. "We are well positioned to navigate market uncertainties and deliver sustainable growth," Bird added.
